Top Five Execution Venues 2019.Indd

Top Five Execution Venues

The following provides information on Investec Wealth and Investment’s top five execution venues for client orders executed in 2020 for the classes of financial instruments, as set out under the Markets in Financial Instruments Directive 2014/65EU. Top Five Execution Venues

Quality of Execution The Markets in Financial Instruments Directive II (“MiFID II”) was implemented in the UK on 3 January 2018. MiFID II requires investment firms to publish annually the execution venues where the highest volume of client orders were executed for each class of financial instrument over the previous year. To ensure the best possible result is being achieved on a consistent basis for all clients across all asset classes, Investec Wealth & Investment (“IW&I”) has a three tier monitoring process. Price will always be the priority and primary factor when deciding to execute a trade. Other factors will come into consideration with varying importance depending on the nature of the instruction. IW&I does not differentiate how orders are dealt based on client classification. IW&I does not make or receive payments, discounts, rebates or non-monetary benefits with regards to execution, aside from trading commissions and charges levied at client level. IW&I may choose to trade with Investec Plc, which is the parent company of IW&I. IW&I do not prioritise trading with Investec Plc unless best execution is being achieved and it can be ensured this is in the best interest of the client. IW&I undertakes business with all principal counterparties and also monitors prices achieved on venues not subscribed to, in order to assess if further coverage would be beneficial. A number of new counterparties were added to the list of execution venues during 2020. These additions were in order to increase the amount of liquidity available in Equities and Exchange Traded Products. IW&I utilises multiple sources of data to monitor execution quality, including any data published under Commission Delegated Regulation (EU) 2017/575 (RTS27). Prices are compared daily against a number of benchmarks to assess whether the best possible price has been achieved. Throughout 2020, the emphasis on achieving the best outcome has resulted in 99.99% of all trades achieving best execution as per IW&I’s Order Execution Policy. In the unlikely event that best execution is not achieved, a trade will be amended to ensure there is no detriment to clients.

2 Top Five Execution Venues

Information on the Top Five Execution Venues

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Debt instruments, Retail Execution 01/01/2020 31/12/2020 N Bonds

Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class

J.P. Morgan Securities PLC 8.24 3.04 0 K6Q0W1PS1L1O4IQL9C32 0 0

Morgan Stanley & Co. International PLC| 7.93 4.39 4PQUHN3JPFGFNF3BB653 0 0 0

HSBC Bank PLC 5.6 MP6I5ZYZBEU3UXPYFY54 7.42 0 0 0

RBC Europe Limited 3.06 TXDSU46SXBWIGJ8G8E98 7.09 0 0 0

Winterflood Securities Limited 7.09 20.75 8BRUP6V1DX3PIG2R0745 0 0 0

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Debt instruments, Retail Execution Money markets 01/01/2020 31/12/2020 Y instruments

BNP Paribas R0MUWSFPU8MPRO8K5P83 63.6 1.56 0 0 0

TD Securities Limited H71H6FPHX49CGFTF4J23 27.41 81.25 0 0 0

Natwest Markets PLC RR3QWICWWIPCS8A4S074 5.65 1.56 0 0 0

HSBC Bank PLC MP6I5ZYZBEU3UXPYFY54 2.19 6.25 0 0 0

Deutsche Bank Aktiengesellschaft 0.98 3.13 0 0 0 7LTWFZYICNSX8D621K86

3 Top Five Execution Venues

Information on the Top Five Execution Venues

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Equities Derivatives, Retail Execution Options and Futures 01/01/2020 31/12/2020 Y admitted to trading on trading venue

KCG Europe Limited 100 100 0 0 0 549300346EFUPFCXJT79

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Equities - Shares & Retail Execution Depositary Receipts 01/01/2020 31/12/2020 N (T12)*

Investec Bank PLC 84S0VF8TSMH0T6D4K848 14.04 10.23 0 0 0

Winterflood Securities Limited 13.34 17.23 8BRUP6V1DX3PIG2R0745 0 0 0

Peel Hunt LLP 23.91 0 0 0 5493007DWN0R4YBM4C84 13.23

Numis Securities Limited 9.79 6.84 0 0 0 213800P3F4RT97WDSX47

Panmure Gordon (UK) Limited 213800GM8RB7MS4L3Z24 7.78 6.88 0 0 0

*Equities – Shares & Depositary Receipts: Tick size liquidity bands 1 and 2 (from 0 to 79 trades per day).

4 Top Five Execution Venues

Information on the Top Five Execution Venues

Winterflood Securities Limited 17.35 16.81 0 0 0 8BRUP6V1DX3PIG2R0745

Peel Hunt LLP 16.57 34.92 0 0 0 5493007DWN0R4YBM4

Investec Bank PLC 84S0VF8TSMH0T6D4K848 13.59 9.29 0 0 0

Numis Securities Limited 11.92 8.86 0 0 0 213800P3F4RT97WDSX47

London Stock Exchange 8.25 6.17 0 0 0 XLON

*Equities – Shares & Depositary Receipts: Tick size liquidity bands 3 and 4 (from 80 to 1999 trades per day).

4 Top Five Execution Venues

Information on the Top Five Execution Venues

KCG Europe Limited 549300346EFUPFCXJT79 23.75 21.72 0 0 0

Winterflood Securities Limited 8BRUP6V1DX3PIG2R0745 21.98 31.64 0 0 0

London Stock Exchange XLON 20.38 6.02 0 0 0

Peel Hunt LLP 5493007DWN0R4YBM4C84 10.58 21.91 0 0 0

Investec Bank PLC 84S0VF8TSMH0T6D4K848 5.94 2.73 0 0 0

*Equities – Shares & Depositary Receipts: Tick size liquidity bands 5 and 6 (from 2000 trades per day).

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Exchange traded products (Exchange traded funds, Retail Execution 01/01/2020 31/12/2020 N exchange traded notes and exchange traded commodities)

Flow Traders B.V. 37.1 19.5 0 0 0 549300CLJI9XDH12XV51

Winterflood Securities Limited 8BRUP6V1DX3PIG2R0745 16.4 33.74 0 0 0

Jane Street Financial Limited 549300ZHEHX8M31RP142 10.39 0.44 0 0 0

Peel Hunt LLP 5493007DWN0R4YBM4C84 10.36 14.64 0 0 0

Investec Bank PLC 84S0VF8TSMH0T6D4K848 6.77 7.59 0 0 0

5 Top Five Execution Venues

Information on the Top Five Execution Venues

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year

Retail Execution Other instruments 01/01/2020 31/12/2020 N

ANZ Bank (Europe) Limited 213800RKJ1U8JKP7SO78 53.79 1.06 0 0 0

J.P. Morgan Securities PLC 38.78 1.6 0 0 0 K6Q0W1PS1L1O4IQL9C32

KCG Europe Limited 1.85 34.58 0 0 0 549300346EFUPFCXJT79

Canaccord Genuity Limited ZBU7VFV5NIMN4ILRFC23 1.38 4.79 0 0 0

HSBC Bank PLC 1.05 MP6I5ZYZBEU3UXPYFY54 25.53 0 0 0

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Securitized Derivatives, Warrants Retail Execution 01/01/2020 31/12/2020 Y and Certificate Derivatives

Canaccord Genuity Limited ZBU7VFV5NIMN4ILRFC23 80.16 72.33 0 0 0

KCG Europe Limited 6.67 549300346EFUPFCXJT79 11.74 0 0 0

Investec Bank PLC 84S0VF8TSMH0T6D4K848 7.36 6.67 0 0 0

Winterflood Securities Limited 0.74 13.33 0 0 0 8BRUP6V1DX3PIG2R0745

6 Top Five Execution Venues

Information on the Top Five Execution Venues

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Securitized Derivatives, Other Retail Execution 01/01/2020 31/12/2020 Y securitized derivatives

Winterflood Securities Limited 0 0 0 8BRUP6V1DX3PIG2R0745 40.1 23.33

Jefferies LLC 58PU97L1C0WSRCWADL48 24.19 30 0 0 0

Cantor Fitzgerald Europe 21.38 16.67 0 0 0 549300KM6VUHPKQLQX53

London Stock Exchange 12.22 13.33 0 0 0 XLON

Investec Bank PLC 16.67 0 0 0 84S0VF8TSMH0T6D4K848 2.11

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Structured finance Retail Execution 01/01/2020 31/12/2020 N instruments

Winterflood Securities Limited 34.26 31.31 0 0 0 8BRUP6V1DX3PIG2R0745

Flow Traders B.V. 23.12 20.11 0 0 0 549300CLJI9XDH12XV51

Virtu Financial Inc. 17.92 32.07 5493001OPW2K42CH38 0 0 0 84 Jane Street Financial Limited 15.84 0.76 0 0 0 549300ZHEHX8M31RP142

KCG Europe Limited 3.61 8.54 0 0 0 549300346EFUPFCXJT79

7 Top Five Execution Venues

Information on the Top Five Execution Venues

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Debt instruments, Professional Execution 01/01/20 31/12/20 Y Bonds

Citigroup Global Markets Limited 19.65 12.5 0 0 0 XKZZ2JZF41MRHTR1V493

J.P. Morgan Securities PLC 17.83 12.5 0 0 0 K6Q0W1PS1L1O4IQL9C32

Merrill Lynch International 13.27 5.36 0 0 0 GGDZP1UYGU9STUHRDP48

Jefferies LLC 8.82 8.93 0 0 0 58PU97L1C0WSRCWADL48

UBS AG BFM8T61CT2L1QCEMIK50 6.8 5.36 0 0 0

8 Top Five Execution Venues

Information on the Top Five Execution Venues

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Equities - Shares & Professional Execution Depositary Receipts 01/01/2020 31/12/2020 N (T12)*

Liberium Capital Limited 213800U6KUF87S1KCC03 19.07 4.11 0 0 0

NPLUS1 Singer Capital Markets Limited 213800ITO7QMNQ9SFG53 18.35 6.51 0 0 0

Panmure Gordon (UK) Limited 10.75 2.74 213800GM8RB7MS4L3Z24 0 0 0

Investec Bank Plc 10.42 5.14 84S0VF8TSMH0T6D4K848 0 0 0

Numis Securities Limited 6.49 3.08 213800P3F4RT97WDSX47 0 0 0

*Equities – Shares & Depositary Receipts: Tick size liquidity bands 1 and 2 (from 0 to 79 trades per day).

Investec Bank PLC 30.88 13.24 0 0 0 84S0VF8TSMH0T6D4K848

Winterflood Securities Limited 22.39 20.09 0 0 0 8BRUP6V1DX3PIG2R0745

London Stock Exchange 18.5 16.44 0 0 0 XLON

Peel Hunt LLP 7.19 17.81 0 0 0 5493007DWN0R4YBM4C84

London Stock Exchange - AIM AIMX 5.05 5.93 0 0 0

*Equities – Shares & Depositary Receipts: Tick size liquidity bands 3 and 4 (from 80 to 1999 trades per day).

9 Top Five Execution Venues

Information on the Top Five Execution Venues

Winterflood Securities Limited 26.7 24.47 0 0 0 8BRUP6V1DX3PIG2R0745

Investec Bank PLC 22.35 13.83 0 0 0 84S0VF8TSMH0T6D4K848

KCG Europe Limited 19.74 10.11 0 0 0 549300346EFUPFCXJT79

London Stock Exchange 13.26 27.13 0 0 0 XLON

Peel Hunt LLP 4.52 0 0 0 5493007DWN0R4YBM4C84 4.72

*Equities – Shares & Depositary Receipts: Tick size liquidity bands 5 and 6 (from 2000 trades per day).

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Exchange traded products (Exchange traded funds, Professional Execution 01/01/2020 31/12/2020 Y exchange traded notes and exchange traded commodities)

Jane Street Financial Limited 549300ZHEHX8M31RP142 35.97 3.17 0 0 0

Flow Traders B.V. 34.33 20.64 549300CLJI9XDH12XV51 0 0 0

KCG Europe Limited 9.47 49.21 0 0 0 549300346EFUPFCXJT79

Kepler Cheuvreyz 9695005EOZG9X8IRJD84 6.57 1.59 0 0 0

Stifel Nicolaus Europe Limited 5.57 213800BVEFNZ8UYPKL03 1.59 0 0 0

10 Top Five Execution Venues

Information on the Top Five Execution Venues

Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year

Professional Execution Other instruments 01/01/2020 31/12/2020 Y

Winterflood Securities Limited 8BRUP6V1DX3PIG2R0745 50.86 25 0 0 0

Morgan Stanley & Co International 48.68 50 4PQUHN3JPFGFNF3BB653 0 0 0

Canaccord Genuity Limited 0.46 25 0 0 0 ZBU7VFV5NIMN4ILRFC23

11 investecwin.co.uk

Member firm of the London Stock Exchange. Authorised and regulated by the Financial Conduct Authority. Investec Wealth & Investment Limited is registered in England. Registered No. 2122340. Registered Office: 30 Gresham Street, London, EC2V 7QN.

IWI1418 v3 04/21